In the past year, the number is up 8.5%, meaning that a weighted average of the cost of commonly purchased goods and services has risen 8.5% in 12 short months.
If this pace keeps up, cash we have today will only buy half as much in 8 or 9 years as it does today.
That fact is easily estimated using the Rule of 72.
A little bit of inflation is good for a healthy economy. If consumers can expect prices to rise, they will be more inclined to spend money now rather than waiting for better prices later on.
Everyone will have their own unique rate of personal inflation based on what you tend to spend your money on and how your tastes and needs change with time.